Popular cryptocurrency analyst Michaël van de Poppe made his price prediction amid the bearish trend surrounding the digital asset markets.
In a new video, Van de Poppe said that he believes the bottom has not yet come, even though Bitcoin (BTC) has bounced from its 90-day low of $32,990,.
“The higher timeframes are still unchanged. We’ve had a nice jump and have yet to conclude that there’s a real bottom here or that we’ve changed the trend. This is even more important… We may be entering a phase right now where we actually find a temporary bottom. However, this will likely require a period of consolidation and it will take time before we begin to reverse. ”
While Van de Poppe says that Bitcoin has not yet formed a firm bottom, he underlines that BTC bulls could ignite a relief rally.
“In this case, the level to watch is $35,800. If we can’t break $36,500 at this stage, we’ll be able to take this test [34. It seems very likely that we will do it at $ 000 000… However, if we break above $36,500 and maintain this $35,800 level, this will increase the upside momentum. ”
At the time of writing, Bitcoin was trading at $36,245, just below $36,880, which Van de Poppe cited as the key level to watch.
Cryptocurrency analyst says Bitcoin could reach the $40,700 range resistance.
“Bitcoin’s great move. It’s up for a test at $38,000 and possibly $40,700 after the series retracement. ”
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